Last updated on August 4th, 2023 at 05:59 pm
Tesla and SpaceX CEO Elon Musk has reached another milestone in his business career in terms of the fortune he has accumulated this year. There was a time when Musk could not afford an apartment and slept on the office couch. Having achieved success in every business investment he has, he is now the world's second-richest person, behind Jeff Bezos. Musk overtook Microsoft founder, Bill Gates in November 2020 to become the world's second-richest person. Musk added over $100 billion to his net worth this year. It was due to his stock in Tesla, which rocketed more than 500% this year. He is also the longest-tenured CEO of Tesla, an electric vehicle manufacturer, having served in the position since 2008. Musk is a business magnate, industrial designer, and engineer who has business investments in several IT and automobile companies.
Musk started his business career in 1995 when he co-founded a web software company, Zip2, which was acquired by Compaq for $307 million in 1999. He then founded an online bank, X.com which merged with Confinity in 2000. It had a money-transfer service called PayPal. The company was acquired by eBay for $1.5 billion. He started an aerospace manufacturer and space transport services company, SpaceX in 2002. He joined an electric vehicle manufacturer, Tesla Motors, Inc in 2004. He became Tesla's CEO in 2008.
Billionaire Elon Musk has taken control of Twitter. The deal will see Musk acquire the social network for approximately $44 billion with shares valued at $54.20. Musk had announced his takeover bid on April 14, calling it his 'best and final offer'. "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated. I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans. Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it," Musk said in a press statement posted to his Twitter account once the deal was confirmed. The board of Twitter has agreed to a $44 billion (£34.5 billion) takeover offer from the billionaire Elon Musk. "I also want to make Twitter better than ever by enhancing the product with new features, making the algorithms open source to increase trust, defeating the spam bots, and authenticating all humans," he added. "Twitter has tremendous potential - I look forward to working with the company and the community of users to unlock it."
Mr. Musk is the world's richest person, according to Forbes magazine, with an estimated net worth of $273.6bn mostly due to his shareholding in electric vehicle maker Tesla which he runs.
He has also founded or helped found several other companies. He helped create a solar energy services company, SolarCity in 2006. He co-founded a nonprofit research company, OpenAI in 2015. He also co-founded a neurotechnology company, Neuralink in December 2016. In the same year, he founded an infrastructure and tunnel construction company, The Boring Company.
Elon Musk Net Worth
As of April 2022, his net worth reached $264 Billion making him the richest and wealthiest person in the world. His net worth boom came from a surge in Tesla stocks. With 20% of his stock in Tesla, he is now the world's richest person surpassing Jeff Bezos. He accumulated his fortune mostly with his investments in Tesla. He also has business investments in numerous other ventures that surely add to his fortune. In January 2020, Musk ranked at No. 35 on the Bloomberg Billionaires Index. Today, Musk is the wealthiest person in the world according to both the Bloomberg Billionaires Index and the Forbes real-time billionaires list.
Why is Elon Musk so rich?
Elon Musk is now the world's richest person in the world. With all his business investments, his net worth as of April 2022 has piled up to $264 billion. All the credit goes to Musk's 20% shares at Tesla. Musk added $100.3 billion to his fortune this year after Tesla's stock rocketed more than 500%. His net worth soared from $7.2 billion to $128 billion due to rocketing Tesla's value. The three-fourth of Musk's fortune is comprised of Tesla shares. With the surge in Tesla's stock price, Musk's fortune grew rapidly this year. He recently overtook Facebook Founder Zuckerburg to become the world's third-richest person.
When he sold his first web software company Xip2 for $307 million in 1999, he received $22 million for his 7% share from the sale. He received $165 million from his 11.7% shares when PayPal was sold to eBay for $1.5 billion in 2002. He founded SpaceX with $100 million in 2002. Today, he holds over 50% of SpaceX's stock. Musk has been serving as the CEO of Tesla since 2008. As of March 2020, Tesla's Model 3 car unveiled in 2016 became the world's best-selling electric car in history. As of 2022, Musk owns about 21% of all Tesla shares.
On the 25th of April 2022, Musk bought Twitter for a whopping $44 billion dollars. Twitter's board agreed to sell the company to Musk for $44 billion on April 25, 2022, after he disclosed a 9.1% stake and threatened a hostile takeover.